Business & Tech
Texas Power Companies Vistra Energy, Dynegy To Merge
The company will keep Vistra's Irving, Texas headquarters and will have a market capitalization of more than $10 billion.
IRVING, TX — Texas power companies Vistra Energy and Dynegy will join in a stock-only deal to form a company with 2.7 million residential and 240,000 industrial customers. The deal is expected to be completed in the second quarter of next year and is must be approved by shareholders.
Dynegy shareholders will receive 0.652 shares of Vistra stock for each Dynegy share. Vistra shareholders will hold 79 percent of the combined company. Based on Vistra's closing price of $20.30 last Friday, Dynegy shareholders will get $13.24 per share.
Dynegy, of Houston, has 1.2 million customers and employs 2,400 people. Vistra has about 4,500 employees and operates Luminant and TXU Energy, which sells electricity to about 1.7 million customers in Texas.
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The company, which will keep Vistra's Irving, Texas headquarters, will have a market capitalization of more than $10 billion.
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